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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3653
Experience:  Solicitors 2 years plus PQE
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I invested £38k in some options in a managed account via my

Customer Question

I invested £38k in some options in a managed account via my credit card with Worldwide options. I discussed the terms of the investment over the phone and email with the salesman and he sent me a letter confirming the terms. I have asked to withdraw my money in accordance with those terms and he now refer me to a page on their website with a range of T&Cs that i didn't know existed. He will not reply to my phone calls nor respond to my mails. I contacted the credit card company and the They say these T&Cs mean i can't have the money back until they have invested it a number of times and they have no obligation to invest it. So effectively i may never get my investment back. I have pointed out to the credit card company that the contract is the letter and the emails neither of which say that the full T&C are on the website. What can i do?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. If the terms and conditions were not highlighted to you before you paid and agreed the investment then they cannot be unilaterally enforced on you. if that is the case you have the following options:(i) Seek a refund under S.75 of the Consumer Credit Act from your credit card company - this will only be limited to £30k (see option 2 for the balance);(ii) If the company is based in the UK - sue them - take them to court for simple money recovery. This is on the basis they have no right to enforce their terms and conditions if they did not make you aware of them;(iii) www.financial-ombudsman.org.uk/ - complain to the Financial Ombudsman on the basis that this seller of financial products is abusing its position. I look forward to hearing from you .Kind regards AJ​
Customer: replied 1 year ago.
Hi Alex,
thank you for the prompt response. Is the 20k limit per credit card or for all 3 credit cards that i used? To explain I put £19k on one and £5k and £4k on two others?( I also deposited 2k via their escrow account).
- So do i quote S.75 of the Consumer Credit Act to the 3 credit card companies? Do i need to do anything else?How do i sue them? I need to do this for the 2k plus anything else not covered. Cani do this through the small claims court or is is better (quicker) to find a solicitor. How do i find someone experienced at this type of case?
Thank you
Sara
Customer: replied 1 year ago.
i will look up the financial ombudsman
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. The limit is £30k per credit card (or per consumer credit agreement). If you splut it over three cards you should be able to make a separate claim on each card within the limit. The S75 claim is the easiest way to recover this money.
Customer: replied 1 year ago.
Thanks. I will do that and of the suing approach to get the 2k which route do you advise?
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. For the £2k that you did not pay by Credit Card you would have to sue them https://www.gov.uk/make-money-claim-online - you can use the small claims court to minimise costs. Kind regards AJ
Customer: replied 1 year ago.
I just spoke to the ombudsman and they said as it is not a regulated investment they are not able to help. I presume the small claims court would still have jurisdiction?Would you advise i fill the moneyclaims on line now or wait to see how much i get back from the credit card companies? i.e. can i change the amount i am suing for after filing the claim?
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Yes you can still claim in the Small Claims court - the company just needs an address for you to serve proceedings. I would recommend you make the credit card claims first as these represent the bulk of the monies. I would be most grateful if you would rate my answer when you have a moment. Kind regards AJ
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Customer: replied 1 year ago.
Thanks Alex. I gave you a 4. You were really quick and i am using the s.75 info in my conversations with the cc companies. I would have given a 5 but sending me to the ombudsman when it is not a regulated investment was a real blow. one that i didn't need when i am stressed about losing the cash. Would have been better to say you can't go to the ombudsman because its a non reg investment. However the rest was good so thank you very much.
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you very much.
Thank you for the feedback - my apologies for any inconvenience. I try my best to evaluate each situation on the information I have - I shall certainly take your comments on board in the future.
I wish you the best of luck - if I can help any further please do not hesitate to contact me.
Kind regards AJ